Overgraded Certified Coins

Recently purchased a certified coin (ICG) sight unseen:hammer:. It was labeled as a VF30 but looks closer to a 10. Has anyone ever returned an overgraded coin regrade/quality control. Thanks!

 

Log in or Sign up to hide this ad.

I have not. but would love to see pictures of this coin.

 

Picture, please.

 

ditto

Did you see a picture if the coin before purchase ?

 

I will get a picture on here soon.

 

Until we see the pics mnd if I ask what the coin is?

 

Here it is a 1932 D Washington Quarter.

 

Here is a better picture.

 

Here is a graded 8 for comparison.

 

you need better photos. lol

 

Never buy ICG except at a large reduction in price.

Never buy ICG except at a large reduction in price.

 

Yes and no,

Yes and no, and to clearify a bit.
I hate TPG coins first but if chosing one it has to be the big three but most of the coins a buy I want to sell and I cannot sell any but the big three. People (down here) take one look at those ICG and others and almost in a instant the interest and possible selling price drop. It's as simple as that so that is the perspective I'm coming from.
Now if buying to keep or help someone build thier set I may consider an ICG (or others) but it then is coin dependant. I in fact went through a box of ICG 1940's BU Jeffersons Saturday and each and every coin was a coin nobody wanted at any price. Why? Because each and every one of them was a late die state and belive me when I say late I mean late!
Look, in my experience people want nice coins and a nice coin in a PCGS or NGC and most of the time ANACS really sells itself but a ICG coin needs help, it needs some additional help to get a customer to want to buy either in price reduced or further convincing of it's accurate grade.
I cannot fully explaine customers bias but it's there and there are too many other "fish in the sea".

 

Undergrading and overgrading happens with all the TPGS. Thats why its important to see the coin in hand or buy from a well known dealer. If you buy raw coins from a well respected dealer, and it comes back from a top TPGS not the grade he says it is. The dealer will most of the time buy it back. I will only buy key date coins from well known dealers even if the coin is slabed or not. This is just my opinion.

 

Looks like I'm unable to capture a quality photo so here's a loaded question. Compared side by side with a PCGS 10, I can't see much if any difference. Given ICG's guarantee, would it be advisable to submit this coin to ICG for regrade? The cost is a flat $24 for shipping-refunded if ICG determines it was graded incorrectly.

 

why would you want it regraded to get a lower grade?

 

I love looking at ICG coins. You have to wade through some junk but I have cracked and resubmitted to the big 2 a lot of really nice coins from ICG slabs & some have upgraded.

 

Here's ICG's guarantee.
If the coin submitted for review by a customer receives a lower grade than the grade originally assigned or has questionable authenticity under ICG's internal review practices, ICG shall, at ICG's option, either (a) replace the coin, or (b) pay any difference between the current fair market value of such coin at the newly established grade and the current fair market value of the grade originally assigned to such coin. The fair market value shall be determined by ICG.
So, if a coin is clearly overgraded, what is the best apporach? Regrade-Resale-Regret? I realize you should buy coins "sight seen" but, in theory, TPG coins should be close to the stated grade allowing for them to be traded sight unseen.

 

I've heard lots of pros and cons about ICG. I even have a post about them on this forum. Then again I have heard a lots of pros and cons about the big "3". I'm not a fan of TPGs but I guess that's where the action is these days. Of course bottom line is it's all about the Benjamins, as is everything else. I've never been in favor of bullion coins being graded MS 69 or 70 by NGC and others. I think with modern minting techniques those grades should be the norn. Someone's paying big money for these items and will only be disappointed down the road. In fact I put a letter to the editor in coin world griping about this same thing.
Anyway, ICG had a table at my coin club's show this past weekend taking submissions. The table was mobbed by dealers (!) submitting coins. If ICG has a bad rap you couldn't tell it at the show.
The old adage applies to any TPG coin-buy the coin, not the holder. By the way I submitted a couple of coins also; a 1999 WAM cent and a 1983 doubled die obverse cent and a couple of brilliant 1998 WAM cents. When I get them back I'll post them to see if everyone agrees with the grade.

 

Let's face it, with all the "home made" grading services out there that cheat people left and right slightly lesser known but legitimate graders like ICG suffer from the deeds of others. Many novices such as myself will stick to the big three when making any kind of significant purchase.